Johnson & Johnson (NYSE:JNJ) has reached a settlement agreement with Colorado and Nevada to put opioid-related allegations there to bed.
Colorado will receive $385 million from Johnson & Johnson and the drug distributors McKesson (NYSE:MCK), AmerisourceBergen (NYSE: ABC) and Cardinal Health (NYSE:CAH).
Nevada will receive nearly $285.2 million as part of the overall settlement, which is earmarked for battling the ongoing opioid epidemic, according to Nevada Attorney General Aaron D. Ford. Of that sum, Johnson & Johnson will pay $63 million, according to a press release.
“The funds that our state will receive going forward will help us save lives and mitigate the harms done to our residents because of the ongoing opioid epidemic,” Ford said in a statement. “Our team has worked diligently to get Nevada the resources we must have to help Nevadans in need in one of the epidemic’s hardest-hit states, and to obtain justice from many opioid manufac…